Capital One Platinum MasterCard Review

Would you describe you creditworthiness as excellemt? Good or perhaps only fair? The wonderful thing about Capital One® is that they have a variety of credit card options, specifically designed for different levels of credit.

So, who should apply for a Capital One Platinum MasterCard vs. one of their other cards? This review will help you understand if this card is a fit for your current credit quality.

Both of these Capital One MasterCards are in the Platinum tier. Here’s a quick overview of each:

Capital One PlatinumCapital One® Platinum Credit Card

  • Annual Fee: $0
  • Interest Rate: 24.9% variable for purchases and balance transfers
  • Credit Requirements: Average/Fair/Limited
  • Honest Feedback: If your credit isn’t the best, but it’s not downright bad, then this is a good choice because you will be getting platinum-tier benefits with a very reasonable annual fee. The negative is that the APR is higher, but that’s because it’s geared towards “fair” credit instead of “excellent.” credit, so that’s to be expected
  • Go here to learn more

Capital One® Platinum Prestige

  • Annual Fee: $0
  • Interest Rate: 10.9% – 20.9% variable for purchases and balance transfers after the intro period
  • Credit Requirements: Excellent/Good
  • Honest Feedback: If you have excellent or good credit and carry a balance, this is a straightforward choice. The APR range is definitely on the low end when you compare it to most reward cards (which usually come with higher rates). Last but not least, you get 0% intro APR on both purchases and balance transfers until August 2016.

So, that’s a high level assessment of each offer, but let’s get down to brass tacks about their advantages – and possible disadvantages – that you should consider.

The Advantages

  • No Foreign Transaction Fee: Almost every credit card issuer in the US tags their unsuspecting customers with a nasty fee for foreign transactions (usually a 2-3% surcharge). What’s unique about Capital One is that their cards don’t charge this, which is reason enough to have brand loyalty to this company. In fact, they are the only issuer which doesn’t charge a foreign transaction fee on any of their cards. To put this in perspective, even the $450 American Express Platinum Card charges this fee, so the ability to get a no annual fee card without such a fee is exceedingly rare.
  • Extended Warranty Program: For eligible purchases that come with an original manufacturer’s (or U.S. store brand) warranty, this benefit will mirror that coverage for the same amount of time, up to 1 extra year. So let’s say you used your Capital One Platinum card to make a qualifying purchase that had a 6 month warranty. Through this extended warranty program, you would have an additional 6 months of coverage. When your card arrives make sure you read the benefits guide that comes with it, so you understand the rules surrounding this program.
  • Reasonable Annual Fee (When Applicable): If you go with the standard Platinum, you don’t have to worry about busting the bank just to pay for your card’s annual fee. $19 is reasonable when you compare it to some other cards out there for fair credit.
  • MasterRental Insurance: This is MasterCard’s vehicle rental insurance program. Coverage for accidental damage and vehicle theft is provided on eligible rentals of 15 consecutive days or less which are fully paid for using your Platinum MasterCard. To use this benefit, you will have to decline the collision damage waiver from the rental company.
  • Automatic Travel Accident Insurance: This applies during licensed common carrier travel (such as being a passenger on an airline) if you paid for the full cost using your Capital One Platinum credit card. MasterCard’s insurance provider offers up to $100,000 in coverage in the event of a travel accident which causes loss of life, limb, hearing, sight, or speech while riding as a passenger.

The Potential Disadvantages

  • Platinum APR: The rate on the standard Platinum is on the high side. But given that it’s for fair credit, it’s understandable. Of course, if you never carry a balance, then you won’t have to worry anyway.
  • No Rewards Program: Perhaps the most notable drawback is that these Capital One Platinum MasterCards do not offer a rewards program. While that may seem like a bad trait, it’s actually understandable when you consider (1) that these cards are designed for those with lower credit scores, and (1) the low rates on the Platinum Prestige that probably wouldn’t be possible if rewards were involved. Credit card rewards can actually be detrimental to someone who needs to focus on paying off their balance because they also induce people to spend more money than they ordinarily would. Simply put, these Capital One cards are not aimed at the reward seekers with excellent credit who never carry a balance – if that describes you, then check out the Venture card.
  • Bad Credit Probably Won’t Qualify: If you have poor credit and are looking to rebuild, then you might need to start with a secured card instead.

Find out more

  • Capital One Platinum (for average/fair/limited credit, $19 annual fee is waived for the first year)
  • Capital One Platinum Prestige (for excellent/good credit, no annual fee, 0% intro APR on purchases and balance transfers until August 2016)

This review was written or last updated August 11, 2015

 
Comments
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

My credit score is 650ish and was approved for credit limit of $1,000. This is my first credit card. I am waiting to receive mine.

This is a great credit building card I had a 540 when I got approved for $300 limit I always paid it off each month now less than a year later I have a $1300 credit limit and my score is 680 now

Just got mine today with a 500.00 limit 630 score

Im a year out of filing chapter 7 bk and I was approved with a 3k credit limit.

I’m applying for the master card

luke schilling

just apply for a capital one platinum master card

My card should arrive in the mail any day now, my credit score is poor, but I received a $3000 limit, unsecured. I have a tax line and collections on my credit report, but perfect history for my discover card payment and all credit cards historically have been paid off in full. Good luck for anyone looking to rebuild their credit, this might be a good unsecured credit card option for you…

Meant to say tax lien

I started w/ $300 limit- after 2 yrs it went to $500. The limit stalled at $500 & today requested an increase. High wage-earner w/ ok credit. We”ll see where we end up. 15% APR- too high for me.

I have the journey card and the platinum always they have helped build my credit and the payments are reasonable very satisfied with capital one

Got mine last week. I consider it a good deal, no annual fee, period! And, a nice start off with $500 limit.

I like the notion of there being no foreign transaction fee, even though I won’t be traveling internationally anytime soon.

My limit was 2k. It just depends.

How much do the card start out with?

Just got mine today with a 300.00 limit

Mine started at 500, but I’ve read in other cc forums that it can vary from 300 up to 1k.